05/02/2014
L’Europe renforce son arsenal contre les abus de marché
D’ici à 2016, les délits d’initiés seront passibles de quatre ans de prison et la responsabilité des abus étendue à l’employeur des fraudeurs
05/02/2014
La taxe bancaire a rapporté moins que prévu à l’Allemagne
La taxe sur les banques a rapporté à l’Allemagne environ 1,8 milliard d’euros sur la période 2011-2013, soit bien moins que le montant de 1,2 milliard annuel prévu par les autorités fédérales, rapporte le journal qui cite des propos tenus par le gouvernement allemand. Celui-ci s’attend pour 2014 à des recettes de 520 millions d’euros à ce titre, un niveau identique à celui de l’an dernier.
05/02/2014
La Cour des comptes italienne s’en prend aux agences de notation
La Cour des comptes italienne (Corte dei Conti) estime que les agences de notation n’ont pas tenu compte de la valeur du patrimoine artistique ou littéraire du pays lorsqu’elles ont dégradé sa note souveraine et que l’Italie pourrait prétendre à 234 milliards d’euros de dommages et intérêts à ce titre, rapporte le journal, en ajoutant que les détails de l’affaire seront dévoilés le 19 février.
05/02/2014
La TVA sur la presse en ligne baissera au 1er février
Les députés français ont adopté hier à l’unanimité une proposition de loi socialiste harmonisant les taux de TVA applicables à la presse imprimée et à la presse en ligne pour alléger le fardeau fiscal de cette dernière. Cette proposition de loi ramène, à compter du 1er février 2014, de 20% à 2,1% le taux de TVA pour les services de la presse en ligne. Le coût de cette mesure est estimé à 5 millions d’euros.
05/02/2014
Le FSB signale des progrès dans la régulation des dérivés OTC
Dans le cadre des engagements pris pour réformer la réglementation des produits dérivés de gré à gré (OTC), les pays du G20 se sont mis d’accord sur le fait que tous les contrats de dérivés OTC devaient être portés à la connaissance des référentiels centraux, a annoncé hier soir le Conseil de stabilité financière (FSB), en ajoutant que des progrès avaient été également réalisés dans la construction des infrastructures de marché nécessaires à la mise en œuvre de ces réformes.
05/02/2014
Gestion d'actifs
L'Agirc-Arrco mène une réflexion sur le développement de l'ISR
Fin 2013, l’Agirc-Arrco avait lancé une deuxième opération de gestion de transition concernant la restructuration du portefeuille actions zone euro vers plusieurs fonds ISR zone euro. « On abonde pour le moment les fonds ISR de 150 millions d’euros », déclare Philippe Goubeault. A noter que l’encours global des fonds ISR des fédérations « frôle les 400 millions d’euros ». Philippe Goubeault révèle au micro d’Instit Invest que l’Agirc-Arrco s’est engagée à mener « une réflexion sur les conditions dans lesquelles ils développeraient la gestion ISR, au niveau des fédérations comme au niveau de l’ensemble Agirc-Arrco », ajoute-t-il. Le groupe paritaire de réflexion sera constitué de représentants des organisations syndicales et patronales et se rassemblera en début d’année. L’occasion également pour eux de réfléchir sur « le financement de l'économie française, souligne Philippe Goubeault. Cela fait un moment que nous y pensons, mais aucune décision n’est véritablement prise pour le moment. On peut alors considérer que cette réflexion sur le soutien de l'économie française fait partie de celle sur l’ISR au sens large. »
04/02/2014
Le fonds souverain du Koweït va investir 500 millions d'euros en Italie
Le fonds souverain du Koweït va investir 500 millions d’euros dans des entreprises italiennes en coordination avec le Fonds stratégique d’investissement de l’Italie, a annoncé le président du Conseil Enrico Letta. L’accord sera formellement conclu en mars. Il prévoit la création d’une société d’investissement dotée de 2,5 milliards d’euros, dont 80% proviennent du FSI italien et le solde de Kuwait Investment Autority. Le fonds du Qatar et le Fonds russe d’investissement direct ont déjà conclu des accords similaires pour investir dans des entreprises de la Péninsule.
04/02/2014
La Société Générale démocratise sa banque privée en France
La Société Générale a décidé d’étendre son offre de banque privée à l’ensemble de sa clientèle de particuliers disposant d’avoirs financiers supérieurs à 500.000 euros, a annoncé la banque. Le seuil était jusqu'à présent fixé à un million d’euros.SG Private Banking en France proposera ainsi ses services à près de 40.000 foyers, représentant un total d’environ 50 milliards d’euros d’actifs gérés.
04/02/2014
Syriza veut effacer un tiers de la dette grecque
La Grèce cherchera à obtenir l’effacement d’un tiers de sa dette si le parti de gauche Syriza remporte des élections législatives, a déclaré mardi son chef de file, Alexis Tsipras devant l’association Europresse, lors d’une visite à Paris. Syriza devance la Nouvelle démocratie (ND, droite) du Premier ministre Antonis Samaras dans les intentions de vote.
04/02/2014
Le déficit budgétaire attendu en baisse aux Etats-Unis
Le déficit budgétaire américain devrait se réduire à 514 milliards de dollars en 2014, contre 680 milliards en 2013, selon les projections publiées mardi du Congressional Budget Office, l’organisme bi-partisan chargé d'évaluer la trajectoire budgétaire du pays. Il s’agit du plus bas niveau de déficit depuis 2007. Le CBO estime en revanche que les déficits devraient à nouveau repartir à la hausse après 2015.
04/02/2014
S&P prédit une croissance du marché des sukuks
L’ agence Standard & Poor’s, dans une étude publiée mardi, estime que le montant potentiel des émissions obligataires conformes au droit islamique dans le monde en 2014 devrait dépasser 100 milliards de dollars. Elle table sur une croissance cette année, après un recul de 13% des volumes d'émissions en 2013. A quelque 115 milliards de dollars, ceux-ci constituent tout de même le deuxième plus gros montant de sukuks placées, après le record de 2012.
04/02/2014
Le fonds souverain norvégien exclut à son tour des entreprises israéliennes
Le fonds souverain norvégien (810 milliards de dollars d’encours) s’est vu interdire d’investir dans deux sociétés israéliennes, Africa Israel Investments et Danya Cebus, en raison de « violations sérieuses » des droits humains, rapporte le Financial Times fund management. Le ministre norvégien des Finances a mis ces deux entreprises sur une liste noire en raison de leur implication présumée dans des colonies à Jérusalem Est, lesquelles doivent être considérées comme illégales. Cela intervient dans un contexte de boycott européen des entreprises israéliennes ayant des activités sur les territoires palestiniens.
04/02/2014
Premier AM recruits a salesperson from Sarasin & Partners
P { margin-bottom: 0.08in; } The British firm Premier Asset Management (AM) has recruited Paul Pugh to the newly-created position of head of strategic partnerships on its sales team. He will be responsible for the development of distribution of funds from Premier AM, a service for the management of portfolios and investment outsourcing offers with key partners, including regional financial advisers and life insurance companies. Pugh, formerly of Cazeonve Capital, Sarasin & Partners and Zurich Intermediary Group, previously worked until January 2014 at Sarasin & Partners, where he was director of sales and investment.
04/02/2014
Standard Life Investment recruits a bond manager
P { margin-bottom: 0.08in; } Standard Life Investments (SLI) is adding to its bond and credit teams. The asset management team has recruited manager Mark Munro, who left Scottish Life Investment Partnership (SWIP) on 8 November 2013, Investment Adviser (FT Adviser) reports. Munro will rejoin Daniel McKernan, head of investment grade and sterling credit at SLI, with whom he had previously worked at SWIP before McKernan left the firm in September 2013. At SLI, Munro has been appointed investment director on the credit team. He will be responsible for retail funds from the firm, including the Strategic Bond, Ethical Corporate Bond, and institutional funds.
04/02/2014
Alain Grisay, former CEO of F&C, dies
P { margin-bottom: 0.08in; } Alain Grisay, former CEO of F&C Asset Management, has died, Investment Week reports. Grisay, 59, left F&C, where he had been CEO since 2006, in 2012. He also worked at J.P. Morgan for 20 years.
04/02/2014
Modifications to bond team at M&G
P { margin-bottom: 0.08in; } Ben Lord, head of fixed interest, will now assume responsibility for the M&G UK Inflation Linked Corporate Bond fund, while Jim Leaviss becomes second manager, Money Marketing reports. Lord and Leaviass had previously been co-managers of the fund, whose assets under management total GBP837m. Leaviss will also work as second manager of the M&G Gilt and Fixed Interest Income fund (GBP773m), on which he had previously been principal manager. The fund is now managed by Mike Riddell. Leaviss will be principal manager of the M&G Inflation Linked Corporate Bond fund, while Lord becomes second manager. They had previously both been co-managers of the fund.
04/02/2014
Barclays chief renounces bonuses for 2013
P { margin-bottom: 0.08in; } The CEO of the British bank Barclays, Antony Jenkins, on 3 February announced that he would be renouncing all bonuses for the year 2013. Jenkins stated that he has taken the decision due to the various fines and provisions written down by the group, and due to the effort required of shareholders as part of a capital increase of nearly GBP6bn last year. “I have concluded that it would not be fair, under the circumstances, for me to accept a bonus for 2013, and I have therefore respectively declined the one which was offered me by the board of directors,” Jenkins, who was appointed in summer 2012 to restore the reputation of the bank embroiled in the Libor scandal, says in a statement.
04/02/2014
Standard Life Investments leads inflows in 2013
P { margin-bottom: 0.08in; } Due to its absolute return product, the Standard Life GARS Fund, Standard Life Investments has led fund inflows in the United Kingdom, with net subscriptions totalling GBP3.47bn, not far off double the inflows of its nearest rival, Old Mutual Global Investors, which total GBP1.81bn, according to the most recent edition of the Pridham Report, Investment Week reports. They are followed by BlackRock (GBP1.63bn), Artemis, (GBP1.49bn), BNY Mellon (GBP1.46bn), Cazenove (GBP1.16bn in first half alone, as the asset management firm was then acquired by Schroders), Henderson (GBP1.02bn), Schroders (GBP980m), and AXA IM (GBP878.3m).
04/02/2014
Schroders increases its stake in Liontrust AM to 23%
P { margin-bottom: 0.08in; } On 30 January, Schroders increased its stake in the capital of Liontrust Asset Management from 19.6% to nearly 23%, according to a statement released to the London Stock Exchange by the British firm. The announcement comes a few days after the publication of interim results by Liontrust AM, marked by growth in its assets of GBP196m between 1 October and 31 December 2013, bringing its total asses under management to GBP3.6bn.
04/02/2014
BNY Mellon launches two Japanese equity funds on the European market
P { margin-bottom: 0.08in; } After their launch in Spain (Newsmanagers of 31 January 2014), BNY Mellon is offering two Japanese equity funds on the European market, according to Citywire. The two funds, BNY Mellon Japan All Cap Equity and BNY Mellon Japan Small Cap Equity Focus, will be managed by an equity team at BNY Mellon, which will report to Miyuki Hashima. The two strategies, which will be domiclied in Dublin, will be launched with seed capital of an undisclosed amount.
04/02/2014
Algebris launches funds on the FinecoBank platform
P { margin-bottom: 0.08in; } The asset management firm Algebris Investments has signed a distribution agreement in Italy with FinecoBank, a company of the UniCredit group, Bluerating reports. The funds which will be available on the platform are: Algebris Financial Credit Fund and Algebris Financial Income Fund.
04/02/2014
European stock markets adopt a new standard
P { margin-bottom: 0.08in; }The Federation of European Securities Exchanges (FESE) and FIX Trading Community have announced that the Market Model Typology (MMT) has become a FIX standard. As a result the standard is available for adoption by all market participants. This will allow them to enhance data standardisation and provide greater clarity on the types of activity conducted. This will all contribute to enhanced transparency for the benefit of investors, market participants and regulators. The MMT initiative was originally launched by FESE to support the implementation of the original 2010 CESR recommendations on post-trade reporting standards. MMT will make it easier to consolidate data from multiple venues to create a European consolidated post-trade tape.
04/02/2014
Assets up for sustainable funds in Germany
P { margin-bottom: 0.08in; } According to EcoReporter, assets in the 283 “sustainable development” funds available in Germany totalled EUR30.4bn as of the end of December 2013, compared with EUR28.1bn one year previously. During the year 2013, 21 funds of this type were liquidated, many funds were merged, and existing funds decided to adapt their management to enter the sustainable category, Fondscheck reports. Overall, there is only one more fund than at the end of 2012. In total, according to statistics from BVI, EUR710bn were invested in open-ended funds in Germany as of the end of 2013.
04/02/2014
Jupiter AM recruits for Swiss office
P { margin-bottom: 0.08in; } Jupiter Asset Management is adding to its Swiss sales team with the recruitment of Daniel Frauenfelder to the position of sales manager for the German-speaking Swiss market. Frauenfelder has more than 15 years of experience in asset management at Sarasin, ING Investment Management and Allianz Global Investors, among others. He will report to Evelyn Lederle, director of sales and head of Jupiter Asset Management (Switzerland) AG, a company founded in November.
04/02/2014
Baring AM opens an office in Geneva
P { margin-bottom: 0.08in; } Baring Asset Management has announced the opening of a representative office in Switzerland. The office will be located in Geneva, and will be led by Véronique Fournier, who is appointed as head of Switzerland and global head of private banking in charge of the development of activities serving private banks. Fournier will report both to Angus Woodhouse, global head of distribution, and to Oliver Morath, head of EMEA sales. Fournier will be responsible for French-speaking Swiss clients. German-speaking Swiss clients will be handled by Thomas Justen from the Frankfurt office. The new director of the Swiss office of Baring AM previously worked at Schroder Investment Management, where she served as relationship director, global financial institutions group.
04/02/2014
UBS returns to profitability in 2013
P { margin-bottom: 0.08in; } The UBS group on 4 February announced that it has earned net profits of GBP3.2bn, compared with a loss of GBP2.5bn in the previous year. The firm has also profited from a rebound in confidence on the part of its clients, with net inflows of CHF54bn to wealth management activities, a 14% increase compared with 2012, Assets invested by the Group totalled CHF2.39trn as of the end of fourth quarter, up by CHF51bn compared with the previous quarter. Assets invested in Wealth Management were up CHF15bn to CHF886bn as of 31 December 2013, due to the positive performance of the markets of CHF12bn and a net inflows of CHF6bn, partly offset by negative currency effects of CHF2bn. Assets invested with Wealth Management Americas were up by CHF34bn to CHF865bn as of 31 December 2013. In US dollars, assets invested were up by USD51bn to USD970bn, reflecting a positive evolution of the markets of USD46bn, and sustained inflows. Asstes invested in Global Asset Management were up by CHF3bn to CHF583bn as of 31 December 2013. The positive performance of the markets for CHF16bn was partly offset by a net outflow of CHF7bn and negative currency effects of CHF6bn.
04/02/2014
Lloyds Banking makes further write-downs for PPI
P { margin-bottom: 0.08in; } The British bank Lloyds Banking Group (LBG), which was bailed out by the government in 2008, on 3 February announced nearly GBP2bn in new provisions, but promised a return to dividends in second half. In an unscheduled statement, released ahead of the release of annual results on 13 February, LBG has stated that it will be writing down a provision of GBP1.8bn in fourth quarter, related to litigation concerning PPI credit insurance, and another GBP130m related to abusive sales to SMEs of products to protect against interest rate variations. LBG has previously written down billions of pounds to cover compensation payments related to the PPI scandal. Despite that, the bank promises that it will earn a “small” pre-tax profit for 2013, and that it is planning to request permission to restart dividend payments in second half.
04/02/2014
Norwegian sovereign fund excludes Israeli businesses
P { margin-bottom: 0.08in; } The Norwegian sovereign fund (USD810bn in assets) has prohibited investment in two Israeli companies, Africa Israel Investments and Danya Cebus, due to “serious violations” of human rights, Financial Times fund management reports. The Norwegian finance minister has placed the two businesses on a blacklist due to their suspected involvement in settlements in East Jerusalem, which are illegal under international law. The move comes in the context of a European boycott of Israeli busineses with activities in the Palestinian territories.
04/02/2014
Danske Bank blacklists an Israeli bank
P { margin-bottom: 0.08in; } The largest bank in Denmark, danske Bank, has blacklisted the Israeli Bank Hapoalim due to its involvement in financing the construction of settlements, Investment Europe reports. The bank has already withdrawn from Africa Israel Investments and Danya Cebus for the same reasons.
04/02/2014
Departure of a fund manager from Danske Invest
P { margin-bottom: 0.08in; } Danske Invest has appoined a replacement for equity manager John William Olsen, who has decided to leave the firm, Citywire reports. Max Jul Pedersen will succeed him on the six funds he had previously managed: Danske Invest Engros Aktier, Danske Invest Global Plus, Danske Invest Global Stockpicking, Danske Invest Global Stockpicking A, Danske Invest Global Stockpicking 2, Danske Invest Engros Global.